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RYLAND $235.8 MILLION MORTGAGE PARTICIPATION SECURITIES SERIES 1993-3 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 23 /PRNewswire/ -- Ryland Mortgage Securities Corp.'s (RMSC) $235.8 million mortgage participation securities, series 1993-3 class 1 through 10 and I securities, are rated 'AAA' by Fitch. The 'AAA' rating reflects the credit loss protection provided by the 4.00 percent subordinated class B certificates. The rating also acknowledges the strength of the legal and financial structures and Countrywide Funding Corp. (CFC)'s master servicing capabilities.
 The mortgage pool consists of one- to four-family, fully amortizing, 15-year fixed-rate mortgage loans secured by first liens on residential real properties. The mortgage loans are secured by properties primarily located in California, approximately 41 percent Southern and 25 percent Northern. The weighted average original loan-to-value ratio (LTV) is approximately 63 percent; 3 percent of the pool consists of mortgage loans with LTVs greater than 80 percent; limited documentation and cash- out refinance loans account for approximately 6 percent and 11 percent of the mortgage pool, respectively.
 Each mortgage loan was underwritten by or on behalf of CFC as originator, in accordance with their guidelines. RMSC acquired the mortgage loans from CFC and transferred the loans to the trust in exchange for the securities. CFC will act as master servicer with respect to the mortgage loans. Ryland Mortgage Co. will act as securities administrator monitoring the performance of the master servicer, providing certain reports to the trustee and making advances on the mortgage loans should the master servicer fail to make a required advance. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 7/23/93
 /CONTACT: Jill M. Guido, 212-908-0682, or Justin Ventura, 212-908-0675, both of Fitch/


CO: Ryland Mortgage Securities Corp. ST: IN: SU: RTG

SH -- NY028 -- 5052 07/23/93 10:20 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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